In a significant boost to the country’s export-oriented manufacturing sector, locally-grown tobacco company M/s Asian Tobacco (Pvt) Ltd is set to establish a state-of-the-art cigarettes and tobacco processing plant in Ishwardi Export Processing Zone (IEPZ). This venture will not only enhance Bangladesh’s position as a key player in the global tobacco industry but also generate substantial employment opportunities for Bangladeshi citizens.
The project, which will entail an investment of $2 million, marks a pivotal step towards strengthening the country’s economic growth and diversification. The signing of the agreement between Bangladesh Export Processing Zones Authority (BEPZA) and Asian Tobacco (Pvt) Ltd at the BEPZA Complex in Dhaka underscores the government’s commitment to fostering a conducive environment for foreign and domestic investment.
Under the terms of the agreement, the company will produce an annual output of 1195 million sticks of cigarettes, cigarette filters, cigarette packets, and cigarette box packets, along with processing 73,205 kilograms of tobacco. This production capacity will not only cater to domestic demand but also position Bangladesh as a competitive exporter of tobacco products to international markets.
In addition to its economic contributions, the establishment of Asian Tobacco’s manufacturing facility in IEPZ will also create employment opportunities for 68 Bangladeshi nationals. This direct employment generation will have a positive impact on the lives of these individuals and their families, contributing to the overall socio-economic development of the region.
The presence of high officials from both BEPZA and Asian Tobacco at the signing ceremony underscores the importance of this collaboration and the commitment of both parties to its success. With its strategic location, world-class infrastructure, and duty-free export facilities, IEPZ provides an ideal platform for Asian Tobacco to thrive and contribute to Bangladesh’s economic progress.